HI.
This is what you don't do.
You entered a long position around $36.84, expecting a potential rebound due to oversold conditions. The recent price action broke key resistance levels, notably at $51 and $54, moving into a downtrend with high selling pressure. Institutional liquidity-seeking behavior and indicators (HARSI, ADX) reinforce the bearish momentum, though oversold status at $36.84 suggests potential for a bounce.
Key Points Moving Forward:
Support Holding at $36.84: This level is crucial; if buyers step in here, it may support a short-term rebound.
Indicator Signals: HARSI and ADX remain bearish but oversold. Monitoring for stabilization in these indicators could validate a bounce.
Market Sentiment: Conditions favor a cautious approach. While oversold, momentum is strong to the downside, so a reversal signal would help confirm upside potential.
In summary, you’re positioned at a high-risk, high-reward level. Watch closely for confirmation of support holding at $36.84 and any upward momentum before considering additional positions.
This is what you don't do.
You entered a long position around $36.84, expecting a potential rebound due to oversold conditions. The recent price action broke key resistance levels, notably at $51 and $54, moving into a downtrend with high selling pressure. Institutional liquidity-seeking behavior and indicators (HARSI, ADX) reinforce the bearish momentum, though oversold status at $36.84 suggests potential for a bounce.
Key Points Moving Forward:
Support Holding at $36.84: This level is crucial; if buyers step in here, it may support a short-term rebound.
Indicator Signals: HARSI and ADX remain bearish but oversold. Monitoring for stabilization in these indicators could validate a bounce.
Market Sentiment: Conditions favor a cautious approach. While oversold, momentum is strong to the downside, so a reversal signal would help confirm upside potential.
In summary, you’re positioned at a high-risk, high-reward level. Watch closely for confirmation of support holding at $36.84 and any upward momentum before considering additional positions.
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